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AutoNavi Produces China's Best-Selling iPhone Application in 2010(January 06, 2011)
BEIJING, Jan. 6, 2011 (GLOBE NEWSWIRE) -- AutoNavi Holdings Limited ("AutoNavi" or the "Company") (Nasdaq:AMAP), a leading provider of digital map content and navigation and location-based solutions in China, announced today that it produced the best-selling iPhone application ("app") in China in 2010 according to Apple's iTunes store. The Company's app beat out those from various industries including the education and gaming sectors to achieve the number one position.
AutoNavi's rank demonstrates its ability to develop a truly dynamic end-user navigation solution. The Company's iPhone app provides voice-guided navigation for China, including Hong Kong and Macau, and can be purchased through iTunes at a price of US$14.99 per download. The Company believes what differentiates AutoNavi's app from those of its competitors is the high quality of its functions—something iPhone users have come to expect. The app features advanced functions such as 3-D street view, high-definition viewing for both the iPhone 4 and the iPad, an in-depth-database that allows for online Points of Interest searches, and real-time traffic information for select cities in China.
AutoNavi's Chief Executive Officer Mr. Congwu Cheng stated, "We are proud of this achievement. Our number one rank reflects our commitment to develop the highest quality of products and our innate understanding of how to integrate these products into the everyday lives of end users. As our B2C platform continues to expand through the growth of our mobile applications, we will continue to carve out opportunities to build upon our growing end-user base."
About AutoNavi Holdings Limited
AutoNavi Holdings Limited (Nasdaq:AMAP) is a leading provider of digital map content and navigation and location-based solutions in China. At the core of its business is a comprehensive nationwide digital map database that covers approximately 2.8 million kilometers of roadway and over 12.5 million points of interest across China. Through its digital map database and proprietary technology platform, AutoNavi provides comprehensive, integrated navigation and location-based solutions optimized for the Chinese market and users, including automotive navigation solutions, public sector and enterprise applications, wireless location-based solutions and Internet location-based solutions. For more information on AutoNavi, please visit http://www.autonavi.com.
The AutoNavi Holdings Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8262
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, quotations from management in this press release, as well as AutoNavi's strategic and operational plans, contain forward-looking statements. AutoNavi may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about AutoNavi's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: AutoNavi's ability to adequately maintain and update its digital map database and minimize errors in its solutions; its current reliance on the automotive navigation market and a small number of customers for a substantial portion of its revenues; the project-based nature of its public sector and enterprise applications business; its limited operating history in the wireless/Internet location-based solutions markets; compliance with a complex set of laws, rules and regulations governing its surveying and mapping and other businesses in China; competition in the navigation and location-based solutions businesses in China; and its ability to manage its growth effectively and efficiently. Further information regarding these and other risks is included in AutoNavi's registration statement on Form F-1 filed with the Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and AutoNavi undertakes no duty to update such information, except as required under applicable law.
For investor and media inquiries please contact:
AutoNavi Holdings Limited
Ogilvy Financial, Beijing
In the U.S.:
Jessica Barist Cohen
Ogilvy Financial, New York
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